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Enterprise Products Partners

Financials

Price	28.64	EPS	2
Shares	2,202	P/E	13
MCap	63,074	P/FCF	13
Net Debt	26,989	EBIT	5,854
TEV	90,062	TEV/EBIT	15
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-11-06
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-02-28
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-09
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-03-01
10-Q	2018-09-30	Filed 2018-11-08
10-Q	2018-06-30	Filed 2018-08-08
10-Q	2018-03-31	Filed 2018-05-09
10-K	2017-12-31	Filed 2018-02-28
10-Q	2017-09-30	Filed 2017-11-06
10-Q	2017-06-30	Filed 2017-08-04
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-02-24
10-Q	2016-09-30	Filed 2016-11-04
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-02-26
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-03-02
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-03
10-Q	2013-09-30	Filed 2013-11-12
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-08
10-K	2012-12-31	Filed 2013-03-01
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-02-29
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-01
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-01

Reports

8-K	2021-02-03	Earnings, Exhibits
8-K	2020-12-16	Other Events, Exhibits
8-K	2020-10-28
8-K	2020-09-30
8-K	2020-09-08
8-K	2020-08-07
8-K	2020-07-30
8-K	2020-07-29
8-K	2020-06-24
8-K	2020-04-29
8-K	2020-04-03
8-K	2020-03-05
8-K	2020-02-25
8-K	2020-01-30
8-K	2020-01-28
8-K	2020-01-15
8-K	2020-01-06
8-K	2020-01-01
8-K	2019-10-28
8-K	2019-09-10
8-K	2019-09-01
8-K	2019-08-16
8-K	2019-07-30
8-K	2019-07-09
8-K	2019-07-08
8-K	2019-06-24
8-K	2019-06-07
8-K	2019-04-30
8-K	2019-04-15
8-K	2019-03-01
8-K	2019-01-30
8-K	2019-01-03
8-K	2018-12-20
8-K	2018-12-03
8-K	2018-10-30
8-K	2018-10-11
8-K	2018-10-03
8-K	2018-09-11
8-K	2018-08-24
8-K	2018-07-31
8-K	2018-06-06
8-K	2018-04-27
8-K	2018-03-05
8-K	2018-02-15
8-K	2018-02-01
8-K	2018-01-30

Enterprise Products Partners Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___.

Commission file number: 1-14323

ENTERPRISE PRODUCTS PARTNERS L.P.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		76-0568219
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

1100 Louisiana Street, 10th Floor

Houston, Texas 77002

(Address of Principal Executive Offices, including Zip Code)

(713) 381-6500

(Registrant’s Telephone Number, including Area Code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
Common Units	EPD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☑	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 2,182,880,979 common units of Enterprise Products Partners L.P. outstanding at the close of business on October 31, 2020.

Table of Contents

ENTERPRISE PRODUCTS PARTNERS L.P.

TABLE OF CONTENTS

		Page No.
PART I. FINANCIAL INFORMATION.
Item 1.	Financial Statements.
	Unaudited Condensed Consolidated Balance Sheets	2
	Unaudited Condensed Statements of Consolidated Operations	3
	Unaudited Condensed Statements of Consolidated Comprehensive Income	4
	Unaudited Condensed Statements of Consolidated Cash Flows	5
	Unaudited Condensed Statements of Consolidated Equity	6
	Notes to Unaudited Condensed Consolidated Financial Statements:
	1. Partnership Organization and Basis of Presentation	8
	2. Summary of Significant Accounting Policies	9
	3. Inventories	10
	4. Property, Plant and Equipment	11
	5. Investments in Unconsolidated Affiliates	12
	6. Intangible Assets and Goodwill	13
	7. Debt Obligations	14
	8. Capital Accounts	17
	9. Revenues	22
	10. Business Segments and Related Information	24
	11. Income Taxes	27
	12. Earnings Per Unit	2 9
	13. Equity-Based Awards	30
	14. Derivative Instruments, Hedging Activities and Fair Value Measurements	31
	15. Related Party Transactions	37
	16. Commitments and Contingent Liabilities	38
	17. Supplemental Cash Flow Information	41
	18. Condensed Consolidating Financial Information	42
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	49
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	80
Item 4.	Controls and Procedures.	84

PART II. OTHER INFORMATION.
Item 1.	Legal Proceedings.	84
Item 1A.	Risk Factors.	85
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	86
Item 3.	Defaults Upon Senior Securities.	86
Item 4.	Mine Safety Disclosures.	86
Item 5.	Other Information.	87
Item 6.	Exhibits.	87

Signatures		96

Table of Contents

PART I. FINANCIAL INFORMATION.

ITEM 1. FINANCIAL STATEMENTS.

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

	September 30, 2020			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	1,032.2		$	334.7
Restricted cash		98.9			75.3
Accounts receivable – trade, net of allowance for doubtful accounts of $13.8 at September 30, 2020 and $12.4 at December 31, 2019		3,776.2			4,873.6
Accounts receivable – related parties		4.1			2.5
Inventories		3,192.6			2,091.4
Derivative assets		132.9			127.2
Prepaid and other current assets		556.4			358.2
Total current assets		8,793.3			7,862.9
Property, plant and equipment, net		42,360.1			41,603.4
Investments in unconsolidated affiliates		2,485.4			2,600.2
Intangible assets, net of accumulated amortization of $1,796.8 at September 30, 2020 and $1,687.5 at December 31, 2019 (see Note 6)		3,348.6			3,449.0
Goodwill (see Note 6)		5,745.2			5,745.2
Other assets		1,003.6			472.5
Total assets	$	63,736.2		$	61,733.2

LIABILITIES AND EQUITY
Current liabilities:
Current maturities of debt (see Note 7)	$	1,325.0		$	1,981.9
Accounts payable – trade		896.0			1,004.5
Accounts payable – related parties		121.3			162.3
Accrued product payables		4,317.1			4,915.7
Accrued interest		235.1			431.7
Derivative liabilities		329.7			122.4
Other current liabilities		622.7			511.2
Total current liabilities		7,846.9			9,129.7
Long-term debt (see Note 7)		28,537.0			25,643.2
Deferred tax liabilities (see Note 11)		463.3			100.4
Other long-term liabilities		735.2			1,032.4
Commitments and contingent liabilities (see Note 16)
Redeemable preferred limited partner interests: (see Note 8)
Series A cumulative convertible preferred units (“preferred units”) (50,000 units outstanding at September 30, 2020)		49.1
Equity: (see Note 8)
Partners’ equity:
Common limited partner interests (2,182,880,979 units issued and outstanding at September 30, 2020, 2,189,226,130 units issued and outstanding at December 31, 2019)		26,381.9			24,692.6
Treasury units, at cost		(1,297.3	)		–
Accumulated other comprehensive income (loss)		(49.3	)		71.4
Total partners’ equity		25,035.3			24,764.0
Noncontrolling interests in consolidated subsidiaries		1,069.4			1,063.5
Total equity		26,104.7			25,827.5
Total liabilities, preferred units, and equity	$	63,736.2		$	61,733.2

See Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS

(Dollars in millions, except per unit amounts)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
Revenues:
Third parties	$	6,914.5		$	7,948.5		$	20,126.3		$	24,730.2
Related parties		7.5			15.6			29.2			53.7
Total revenues (see Note 9)		6,922.0			7,964.1			20,155.5			24,783.9
Costs and expenses:
Operating costs and expenses:
Third parties		5,288.2			6,217.6			15,087.4			19,342.4
Related parties		283.0			356.1			914.5			1,051.9
Total operating costs and expenses		5,571.2			6,573.7			16,001.9			20,394.3
General and administrative costs:
Third parties		16.3			19.1			63.1			60.9
Related parties		34.0			36.4			99.7			99.3
Total general and administrative costs		50.3			55.5			162.8			160.2
Total costs and expenses (see Note 10)		5,621.5			6,629.2			16,164.7			20,554.5
Equity in income of unconsolidated affiliates		82.0			139.3			336.1			431.3
Operating income		1,382.5			1,474.2			4,326.9			4,660.7
Other income (expense):
Interest expense		(320.5	)		(382.9	)		(958.2	)		(950.2	)
Change in fair market value of Liquidity Option (see Note 8)		–			(38.7	)		(2.3	)		(123.1	)
Interest income		2.2			6.9			12.3			8.9
Other, net		0.7			0.7			2.5			2.8
Total other expense, net		(317.6	)		(414.0	)		(945.7	)		(1,061.6	)
Income before income taxes		1,064.9			1,060.2			3,381.2			3,599.1
Benefit from (provision for) income taxes (see Note 11)		19.1			(15.4	)		138.6			(37.4	)
Net income		1,084.0			1,044.8			3,519.8			3,561.7
Net income attributable to noncontrolling interests		(31.4	)		(25.6	)		(82.4	)		(67.3	)
Net income attributable to preferred units (see Note 8)		-	*		–			-	*		–
Net income attributable to common unitholders	$	1,052.6		$	1,019.2		$	3,437.4		$	3,494.4

* Amount is negligible

Earnings per unit: (see Note 12)
Basic earnings per common unit	$	0.48		$	0.46		$	1.56		$	1.59
Diluted earnings per common unit	$	0.48		$	0.46		$	1.56		$	1.59

See Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED

COMPREHENSIVE INCOME

(Dollars in millions)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019

Net income	$	1,084.0		$	1,044.8		$	3,519.8		$	3,561.7
Other comprehensive income (loss):
Cash flow hedges: (see Note 14)
Commodity hedging derivative instruments:
Changes in fair value of cash flow hedges		(4.2	)		72.3			392.7			58.6
Reclassification of losses (gains) to net income		29.5			(91.5	)		(334.8	)		(152.0	)
Interest rate hedging derivative instruments:
Changes in fair value of cash flow hedges		62.6			(18.6	)		(207.7	)		(23.8	)
Reclassification of losses to net income		9.9			9.4			29.2			27.8
Total cash flow hedges		97.8			(28.4	)		(120.6	)		(89.4	)
Other		–			–			(0.1	)		(0.6	)
Total other comprehensive income (loss)		97.8			(28.4	)		(120.7	)		(90.0	)
Comprehensive income		1,181.8			1,016.4			3,399.1			3,471.7
Comprehensive income attributable to noncontrolling interests		(31.4	)		(25.6	)		(82.4	)		(67.3	)
Comprehensive income attributable to preferred units (see Note 8)		-	*		–			-	*		–
Comprehensive income attributable to common unitholders	$	1,150.4		$	990.8		$	3,316.7		$	3,404.4

* Amount is negligible

See Notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Dollars in millions)

	For the Nine Months Ended September 30,
	2020		2019
Operating activities:
Net income	$	3,519.8	$	3,561.7
Reconciliation of n

EX-31.1	exhibit31_1.htm
EX-31.2	exhibit31_2.htm
EX-32.1	exhibit32_1.htm
EX-32.2	exhibit32_2.htm

EPD 10Q Quarterly Report

Enterprise Products Partners Earnings 2020-09-30